LONDON STOCK EXCHANGE (LSE): GAN | IRISH STOCK EXCHANGE (ISE): GAME
Sports Betting now online in New Jersey
IGT Sports betting now integrated by GAN for FanDuel Group
London & Dublin | September 10, 2018: GAN plc (“GAN” or the “Company”), an award-winning developer and supplier of enterprise-level B2B Internet gambling software and services in the United States, today announces the Company has launched Internet sports betting in New Jersey delivered for Paddy Power Betfair plc’s FanDuel Group, GAN’s first US client to operate Internet sports betting via the GAN Platform.
The partnership with the FanDuel Group for delivery of Internet sports betting serving New Jersey residents via the GAN Platform was previously announced on July 18, 2018.
Highlights
- FanDuel Group1 is a subsidiary of Paddy Power Betfair PLC, a leading international sports betting and gaming operator
- GAN has completed the integration of FanDuel’s nominated Internet sports betting software which is a combination of IGT’s sports platform and Paddy Power Betfair’s leading pricing, trading and risk management technology, along with a user interface designed for the US customer by the FanDuel team
- On September 1, 2018 FanDuel soft-launched a FanDuel-branded website and accompanying mobile app offering Internet sports betting, leveraging GAN’s enterprise software. The FanDuel website and mobile apps are now available 24/7
Sports betting has been delivered as an integrated extension into GAN’s enterprise software Platform and GAN participates in the incremental sports betting revenues.
FAQ’s about Internet Gambling ‘Platform’ & US sports betting regulation
- For investors and Industry analysts: The core of a “Platform” from both a technical and regulatory standpoint is the Player Account Management System i.e. where highly sensitive customer and player activity data is stored and processed. Other elements of Platform can include a sportsbook transaction engine, gaming content integrations, payment services, marketing services, trading services and other ancillary activities. However, the core functionality to describe B2B systems and services as a 'Platform' is the Player Account Management System. This is also the layer of B2B activity which tends to require regulatory approval as a 'Platform' since it is the focal point of data and player security. Therefore, without the Player Account Management System, a service provider might be offering very valuable B2B functionality but not in the strictest sense a 'Platform' (source: Regulus Partners, an international gambling advisory group).
- The Federal ban on sports betting enshrined within Professional and Amateur Sports Protection Act 1992 (“PASPA”) was repealed by the Supreme Court of the United States on May 14, 2018 permitting individual US States to pass their own sports betting laws.
- New Jersey passed legislation bill A4111 on June 7, 2018 enabling land-based casinos and racetrack operators in the State of New Jersey, together with existing Internet gaming operators in New Jersey, to launch sports betting in retail properties and online.
- On June 7, 2018 GAN’s client Paddy Power Betfair announced2 a relationship with a New Jersey racetrack identified as ‘Meadowlands Racetrack’ which permitted the launch of Internet sports betting, comprising the full range of US sporting events for New Jersey residents alongside their existing Internet casino gaming business operating on GAN’s enterprise-level B2B Internet gambling software.
- GAN and Paddy Power Betfair launched Internet casino gaming on November 21, 2013 in the State of New Jersey. On April 18, 2018, the parties announced3 a multi-year extension of GAN’s Platform Services which will now encompass the delivery by GAN of Internet sports betting, integrated into GAN’s enterprise-level Internet gambling software platform.
Notes:
1
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/PPB/13713019.html
2
https://www.prnewswire.com/news-releases/betfair-us-reaches-long-term-agreements-for-sports-betting-in-new-jersey-and-new-york-with-meadowlands-racetrack-and-tioga-downs-300661947.html
3
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/GAN/13608385.html
For further information please contact:
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Davy (Nominated Adviser, ESM Adviser and Joint Broker) |
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John Frain / Barry Murphy |
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+353 1 679 6363 |
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Liberum (Joint Broker) |
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Neil Patel / Cameron Duncan |
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+44 (0) 20 3100 2000 |
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GAN | Overview
GAN is a leading B2B supplier of Internet gambling enterprise software-as-a-service solutions to the US land-based casino Industry. GAN is listed on the ESM Market of the Irish Stock Exchange and the AIM Market of the London Stock Exchange under the ticker: GAN
The Company has developed an Internet gambling enterprise software system, GameSTACK™, which it licenses principally to land-based US casino operators as a turnkey technology solution for regulated real-money Internet gambling encompassing Internet gaming & Internet sports betting and/or virtual Simulated Gaming.
GAN has fourteen (14) casino operators as clients of Simulated Gaming coast-to-coast across the US and Internationally; two (2) clients of real money Regulated Gambling in New Jersey; one (1) client of real money Regulated Gambling in Pennsylvania and ten (10) clients of real money Regulated Gambling in Europe.
The Internet Gambling System, developed in London under a UK Gambling Commission license, is certified to the highest technical standards currently required by gambling regulators. In April 2017 GAN was granted a Casino Service Industry Enterprise license by the New Jersey Division of Gaming Enforcement being GAN’s first privileged gaming license in the United States. In May 2018, the US Supreme Court repealed PASPA and GAN confirmed the H2 launch of sports betting for US clients integrated into GAN’s enterprise software platform. In September 2018 GAN launched Internet sports betting in New Jersey, available as an integrated option alongside Internet gaming.
For more information please visit
www.GAN.com
FanDuel Group overview
FanDuel Group is an innovative sports-tech entertainment company that is changing the way consumers engage with their favorite sports, teams, and leagues. The premier gaming destination in the United States, FanDuel Group consists of a portfolio of leading brands across gaming, sports betting, daily fantasy sports, advance-deposit wagering, and TV/media, including FanDuel, Betfair US, DRAFT, and TVG. FanDuel Group has a presence across 45 states and 8 million customers. The company is based in New York with offices in California, New Jersey, Florida, Oregon, and Scotland. FanDuel Group is a subsidiary of PaddyPower Betfair plc, a leading international sports betting and gaming operator and a constituent of the FTSE 100 index of the London Stock Exchange.
